Milhaus Announces Arsenal 201 Phase II

May 19, 2020 / Property: Arsenal 201

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The $75 million project will add 343 apartment units to the Lawrenceville community.

INDIANAPOLIS (May 16, 2020)Milhaus, a national award-winning developer, owner and operator of Class-A, in-fill and mixed-use developments, today announces it has closed on Phase II of Arsenal 201 in Pittsburgh with partners CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank. Demolition is already underway on the $75 million apartment project.

Arsenal 201 first opened in 2018, and Phase II of the project will add 343 apartment units and 445 parking spaces to the historic location. Once the site of the largest arsenal in the Union Army during the Civil War, Arsenal 201 is located at 147 39th Street in the heart of the Lawrenceville community in Pittsburgh. This growing neighborhood, along the Allegheny Riverfront, was named the “Coolest Neighborhood in America” by Money magazine in 2017, partly due to the robust economic growth of the former rustbelt city.

“This property has been as popular as the neighborhood around it and is currently 100% leased,” said Jake Dietrich, Vice President of Development for Milhaus. “We’re excited to build on the success of Phase I and get Phase II underway to invite more residents to the community.”

Phase II of Arsenal 201 is the result of an extensive collaboration process with the neighborhood and City of Pittsburgh. The property is located in the RIV District, a new zoning overlay that promotes the City’s inclusionary zoning goals and need for affordable housing. Ten percent of the Phase II units will be designated as affordable to residents making 50% of the median area income. Arsenal 201 Phase II is the first Lawrenceville multifamily project to be approved under this new zoning, bringing significant benefits to the neighborhood and community at large.

Based out of the recently established Columbus, Ohio, regional office, Milhaus East Region team is actively developing new projects and pursuing development and acquisition opportunities in more than just Pittsburgh.

“Arsenal 201 Phase II is a key part of our plan to build a significant Milhaus portfolio in the Pittsburgh, Columbus, and Cincinnati markets.  We have a strong pipeline and capital base to continue to develop and acquire best-in-class multi-family assets throughout the region,” said Dietrich.

The new, pet-friendly development at Arsenal 201 will offer studio, one-, two- and three-bedroom units and be fully amenitized with a 24-hour fitness center, bark park and pet spa, outdoor kitchen, community courtyard, pool and sun deck, game room, maker’s space, and more. Milhaus is partnering with Dwell Design Studio, Franjo Construction and PVE to develop the property.

Founded in 2010, Milhaus targets midsize cities with populations between 750,000 and 2 million people. The company’s current portfolio includes over 20 properties in eight states and over 5000 units. The second project in Pittsburgh, Arsenal 201 is being developed and executed out of the Columbus office.